QuickBooks
QuickBooks is noted to be an especially well-liked piece of software for small businesses. Among its benefits is the use of cloud storage and a compatibility with third party applications. In addition, the app is also perfect for beginners, offering a combination of flexibility and accessibility hard to compare with other products on the market (Yakal, 2022). A 30-day free trial coupled with the ability to upgrade one’s payment plan makes the price flexible. Despite an all-around great functionality though, QuickBooks boasts a considerably high price, making it difficult to pick up for small businesses.
FreshBooks
FreshBooks accounting services best suit the service industry. Many invoice customization options are available compared to the competition. The platform is noted for good customer experience, coupled with many tracking options (Yakal, 2022). In terms of costs, FreshBooks is the cheapest among the paid accounting software category, which is a great benefit. The dashboard, however, is lacking in a number of important accounting features, presenting workers with the challenge of navigation.
Xero
Xero is another program focusing on the small business customers, allowing for many basic accounting features. Noted for its simplicity, the app still manages to improve and introduce functionality such as reconciling accounts and tracking projects. Security and customer support are touted as the two other benefits aside from simple design (Yakal, 2022). Speaking of downsides, the user interface is less intuitive than that of the competition, increasing the time needed to learn.
Wave
Wave is an outlier compared to other programs, offering a range of simple accounting services free of charge. Most small companies can fulfill their accounting needs without having to pay, making it the largest “selling point” Wave has. However, the low-to-nonexistent price comes with a cut to functionality, making base software only capable of offering the most basic of features, i.e. invoicing and transaction tracking. There are also certain limitations on third-party app integration.
A Choice for a Small Business
If I started a small store, I would most likely prefer Wave over its competition. With an emerging business, costs are among the primary concerns, limiting the range of options and actions one can perform. Being able to handle accounting without additional payment can be a significant cost reduction for an organization as a whole.
Reference
Yakal, K. (2022). The Best Small Business Accounting Software for 2022. PCMA.